Cowen Park Apartments

1403 NE 56th Street Seattle WA 98105

Listing #: 588067 | Status: Pending | Last Modified: 12/4/2017 |

For Sale

1403 NE 56th Street Seattle WA 98105

Agent Information
Showing Instructions
Call Listing AgentNo
Use DiscretionNo

Ian Brown

(206) 505-9414
ian@westlakeassociates.com

Westlake Associates, Inc.

(206) 505-9400

Listing Information
Price
Listing Price$ 2,800,000
$/SF$ 444.44
$/Unit$ 400,000.00
Listing StatusPending
Days On Market143
Asset ClassMulti-Family
Investment Information
Investment PropYes
Gross Income$ 151,116
Vacancy Factor %2.00%
Operating Expenses$ 32,123
Net Operating Income$ 115,970
CAP Rate4.1 %
Multi-Family Asset Class General Information
Common LaundryYes
Annual Expense Information
Expense Year2017
Real Estate Taxes$ 14,009
+Insurance$ 1,600
+Water/Sewer$ 7,200
+Prof. Mgr$ 4,714
+Maintenance$ 3,200
=Total Exp.$ 30,723
Reserves$ 1,400
Annual Operating Information
=Effective Gross$ 0
-Total Expenses$ 30,723
=NOI$ -30,723
Financial Summary
CAP Rate4.1 %
$/Unit$ 400,000.00
Expense/Unit$ 4,589.00
Asset Class Information
# Units Beds/Baths Avg SqFT
4 1Bed/1Bath 650
2 3Bed/1Bath 1200
1 Other 1300
Associated Files
Property Information
Building Information
Building StatusExisting
# of Buildings1
# of Floors2
# of Units7
Total Building Sq/ft6,300
Lot Sq/ft3,920
Acres0.09
Property Type
Property TypeMulti-Family
InvestmentYes
Location
CountyKing
Market AreaU-District
Tax ID #8714600050
Construction
Year Built1960
Year Renovated2003

Public Comments: Cowen Park Apartments is a stunning 7 unit building consisting of two - 3 bedroom/1 bath townhouse units, four - 1 bedroom/1 bath units and one - 4 bedroom/1 bath unit. The building was completely rebuilt to the studs in 2003 with all new systems and exterior including a pitched roof. Located just steps from the University of Washington. Blocks from the future Light Rail Station.

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